Syndicate Forecasts

RNS Number : 5910H

Helios Underwriting Plc

17 March 2015

 

17 March 2015

Helios Underwriting plc

("HUW" or the "Company")

Syndicate Forecasts

Set out below are the aggregated 2012 underwriting year of account (YOA) result and updated 2013 YOA forecast of syndicate profits for HUW's portfolio of syndicate participations:

2012 closed year of account and 2013 open year of account forecast

YOA	HUW syndicate capacity (£000)	Previous forecast of syndicate profit 30 September 2014			Current forecast of syndicate profit* 31 December 2014
		Mid point (£000)	Mid point (%)	Range (%)	Mid point (£000)	Mid point (%)	Range (%)
2012	23,722	2,538	10.70	7.77 - 13.63	3,122	13.16	NA
2013	23,923	1,938	8.10	4.16 - 12.04	2,047	8.56	4.65 - 12.46

Source: Syndicate data; Hampden Agencies Limited and HUW analysis

* For 2012 this is the YOA result

Explanatory notes:

The table above shows the gross aggregated estimated profits at syndicate level (before members' agent fees payable by HUW and its subsidiaries) for the syndicates in which the Company participates on a three year underwriting year of account (YOA) basis.  The figures are also before HUW's quota share and stop loss reinsurance arrangements.  The forecast YOA syndicate profit for HUW is obtained by applying the mid-point of the relevant estimated profit range to each of HUW's syndicate participations.  The information presented above is prepared on a three year YOA basis and should not be considered as indicative of the Group's annually accounted expected financial results to be prepared in accordance with International Financial Reporting Standards.  Further details, including quarterly progression for all years and syndicate results for closed years, will shortly be available on HUW's website at www.huwplc.com.

HUW syndicate participation

HUW's syndicate participations, on which YOA information is based, is presented below and is also available on the Company's website:

	2012		2013		2014		2015
Syndicate	£'000	%*	£'000	%*	£'000	%*	£'000	%*
33	1,859	7.8%	1,860	7.8%	2,001	7.8%	2,001	8.7%
218	1,239	5.2%	1,286	5.4%	1,286	5.0%	1,028	4.5%
308	73	0.3%	70	0.3%	85	0.3%	-	-
386	701	3.0%	701	2.9%	701	2.7%	598	2.6%
510	4,009	16.9%	3,993	16.7%	3,943	15.4%	3,943	17.1%
557	1,002	4.2%	529	2.2%	499	2.0%	499	2.2%
609	2,373	10.0%	2,329	9.7%	2,335	9.1%	2,338	10.2%
623	2,353	9.9%	2,561	10.7%	2,766	10.8%	2,578	11.2%
727	590	2.5%	592	2.5%	592	2.3%	592	2.6%
779	20	0.1%	20	0.1%	-	-	-	-
958	942	4.0%	736	3.1%	585	2.3%	74	0.3%
1176	398	1.7%	445	1.9%	447	1.7%	447	1.9%
1200	284	1.2%	106	0.4%	106	0.4%	41	0.2%
1729	-	-	-	-	58	0.2%	19	0.1%
2010	743	3.1%	745	3.1%	745	2.9%	652	2.8%
2014	-	-	-	-	137	0.5%	930	4.0%
2121	157	0.7%	12	0.0%	-	-	-	-
2525	138	0.6%	120	0.5%	120	0.5%	120	0.5%
2526	55	0.2%	60	0.2%	-	-	-	-
2791	3,964	16.7%	4,017	16.8%	3,537	13.8%	3,123	13.6%
4242	122	0.5%	122	0.5%	122	0.5%	138	0.6%
5820	-	-	172	0.7%	118	0.5%	58	0.3%
6103	431	1.8%	517	2.2%	475	1.9%	191	0.8%
6104	408	1.7%	539	2.3%	946	3.7%	946	4.1%
6105	134	0.6%	74	0.3%	386	1.5%	400	1.7%
6106	353	1.5%	320	1.3%	-	-	-	-
6107	165	0.7%	33	0.1%	373	1.5%	373	1.6%
6110	448	1.9%	979	4.1%	925	3.6%	-	-
6111	762	3.2%	958	4.0%	1,206	4.7%	1,218	5.3%
6113	-	-	30	0.1%	20	0.1%	-	-
6117	-	-	-	-	1,057	4.1%	698	3.0%
Total	23,722	100.0%	23,923	100.0%	25,568	100.0%	23,007	100.0%

* Percentage of total syndicate portfolio

For further information please contact:

HUW	Nigel Hanbury	[e-mail]
Smith & Williamson Corporate Finance	David Jones	020 7131 4000
Westhouse Securities	Robert Finlay	020 7601 6100

About HUW

HUW provides a limited liability direct investment into the Lloyd's insurance market and is quoted on the London Stock Exchange's AIM market (ticker: HUW).  HUW's subsidiary underwriting vehicles trade within the Lloyd's insurance market as corporate members of Lloyd's writing £23 million of capacity for the 2015 account.  The portfolio provides a good spread of classes of business being concentrated in property insurance and reinsurance.  For further information please visit www.huwplc.com.

 

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